Daily Business Headlines – December 30, 2022



Santa Rally Pushes NGX ASI Above 50,000 Psychological Mark

The benchmark performance indicator of Nigeria’s equities market crossed 50,000 psychological mark on Thursday as Santa Claus rally continues on the Bourse. “As the year draws steadily to a close, we expect the market to maintain its positive momentum for the remaining sessions, with few opportunities for profit taking… Read More

How FX Crisis, High Tariff Hurt Port Business

The scarcity of foreign exchange and the high Customs tariff payable on imported goods were the challenges that negatively impacted Nigeria’s port business in 2022, according to port users. They said many importers were forced out of business due to the drop in their purchasing power as it was extremely difficult to raise money to invest in the import business… Read More


Backward Integration In Sugar Production Records $1bn Investments

The backward integration programme under the Nigeria Sugar Master Plan (NSMP) has recorded a total of USD1 billion investments as at 2022. The investments were made by three indigenous firms in sugar plantation and processing. The companies with the most prominent investments are BUA Foods Plc, Dangote Sugar (DSR)… Read More


Global Trade Slowdown May Worsen In 2023 — UNCTAD

Global trade will reach a record level of about $32 trillion for 2022, as trade in goods is expected to total almost $25 trillion, an increase of about 10 per cent from 2021, the United Nations Conference on Trade and Development (UNCTAD), has warned. According to the UNCTAD , trade growth has been subdued during the second half… Read More



Economy: CPPE Sets Agenda For New Govt In 2023

To unlock growth and investment in the economy in 2023, the Centre for the Promotion of Private Enterprise (CPPE) has proffered that government must be committed to the implementation of the Petroleum Industry Act (PIA), consolidate the power sector, reform the budget and appropriation processes to prioritise infrastructure financing… Read More


Ajaokuta Steel Projects 500,000 Jobs, $1.6bn Annual Revenue

The President, Major General Muhammadu Buhari (retd.), on Thursday, said his government had spent over $400m (N179bn), to liberate Ajaokuta Steel complex from the “legal traps” that have kept it unattractive to private investors for the decades.He also said the funds spent on the project had helped to transform Kogi State into… Read More


African Guarantee Fund, Orabank Renew Partnership to Support SMEs with $100M

The African Guarantee Fund Group (AGF), through its subsidiary AGF West Africa, and the Orabank Group have concluded a portfolio guarantee agreement for a total amount of 60 billion FCFA ($100 million), aimed at increasing the financing capacity of the Orabank Group in favor of SMEs through its subsidiaries in West Africa… Read More



After Grid Collapses, Reforms Promise Stable Power In 2023

Although there were some wins recorded in the country’s energy sector in the year that is winding down, however, it was characterised by a lot of setbacks. Some of the happenings in the year would spill over and have a significant impact on 2023. For instance, the impact of the challenges witnessed in the oil and gas sector such as oil production… Read More

37.3 Million Nigerians Access Water From 10,053 Projects – Federal Government

About 37.3 million Nigerians get potable water from 10,053 water supply schemes and projects developed in urban centres and rural areas by the Federal Government and its partners in various states. Data obtained from the Federal Ministry of Water Resources in Abuja on Thursday showed that 6,761 of the waters schemes… Read More



Debts: Telcos Seek NCC Approval To Disconnect Banks

Telecommunication operators have reached out to the Nigerian Communications Commission for approval to phase out the Unstructured Supplementary Service Data offered to banks due to over N80bn, The PUNCH has learnt. Speaking with The PUNCH on Thursday, the Chairman, Association of Licensed Telecoms Operators… Read More